Ray Dalio Bridgewater Associates
Ray Dalio is the founder of Bridgewater Associates, one of the world’s largest hedge funds, known for its unique “principles-based” culture and systematic investment approach. Dalio’s investment philosophy emphasizes diversified portfolios, risk parity, and the importance of understanding economic cycles in shaping investment decisions. He has authored several books, including “Principles: Life & Work,” in which he details his management philosophies, personal experiences, and life lessons.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$693M |
| 2 |
iShares Core S&P 500 ETF
IVV
|
+$235M |
| 3 |
Vanguard S&P 500 ETF
VOO
|
+$200M |
| 4 |
Petrobras
PBR
|
+$105M |
| 5 |
Shell
SHEL
|
+$105M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Micron Technology
MU
|
+$1.02B |
| 2 |
Amazon
AMZN
|
+$593M |
| 3 |
TSMC
TSM
|
+$423M |
| 4 |
Marvell Technology
MRVL
|
+$354M |
| 5 |
GE Vernova
GEV
|
+$319M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 30.62% |
| 2 | Technology | 21.23% |
| 3 | Industrials | 7.72% |
| 4 | Financials | 6.76% |
| 5 | Healthcare | 6.62% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
51
HCA Healthcare
HCA
$99.3B
| $79.2M | 0.33% |
203,204
+29,403
| +17% | +$12.4M |
2020 Q1
25 quarters
|
|
52
Tapestry
TPR
$23.8B
| $79M | 0.32% |
539,444
+219,099
| +68% | +$31.4M |
2021 Q1
21 quarters
|
|
53
Applovin
APP
$89.1B
| $75.5M | 0.31% |
+146,602
| New | +$70.8M |
2026 Q2
0 quarters
|
|
54
Valero Energy
VLO
$128B
| $74.2M | 0.3% |
285,001
+151,003
| +113% | +$37.2M |
2025 Q3
3 quarters
|
|
55
Citigroup
C
$208B
| $73.2M | 0.3% |
522,666
-270,748
| -34% | -$35.2M |
2022 Q4
14 quarters
|
|
56
EOG Resources
EOG
$82.9B
| $70M | 0.29% |
539,429
+526,857
| +4,191% | +$71.8M |
2020 Q4
22 quarters
|
|
57
Consolidated Edison
ED
$41.5B
| $69M | 0.28% |
+623,641
| New | +$67.8M |
2026 Q2
0 quarters
|
|
58
Baker Hughes
BKR
$55.3B
| $67.7M | 0.28% |
1,220,482
-161,163
| -12% | -$10.2M |
2025 Q3
3 quarters
|
|
59
NiSource
NI
$20.5B
| $67M | 0.28% |
+1,410,001
| New | +$66.7M |
2026 Q2
0 quarters
|
|
60
TechnipFMC
FTI
$27.3B
| $65.6M | 0.27% |
989,841
+739,046
| +295% | +$52.3M |
2023 Q3
11 quarters
|
|
61
ServiceNow
NOW
$147B
| $63.1M | 0.26% |
+635,381
| New | +$62.9M |
2026 Q2
0 quarters
|
|
62
SLB Ltd
SLB
$73.5B
| $62.2M | 0.26% |
1,338,849
+594,085
| +80% | +$31.8M |
2025 Q3
3 quarters
|
|
63
Meta Platforms (Facebook)
META
$1.81T
| $62M | 0.25% |
110,083
-181,582
| -62% | -$111M |
2020 Q4
22 quarters
|
|
64
United Therapeutics
UTHR
$22.9B
| $60.3M | 0.25% |
111,326
+157
| +0.1% | +$88.4K |
2022 Q2
16 quarters
|
|
65
Citizens Financial Group
CFG
$26.7B
| $59.4M | 0.24% |
847,858
+134,220
| +19% | +$8.65M |
2024 Q4
6 quarters
|
|
66
Monster Beverage
MNST
$89.6B
| $58.2M | 0.24% |
1,210,788
-330,760
| -21% | -$13.9M |
2020 Q3
23 quarters
|
|
67
Bank of America
BAC
$358B
| $58.2M | 0.24% |
1,020,674
-22,223
| -2% | -$1.18M |
2025 Q3
3 quarters
|
|
68
Duke Energy
DUK
$94.7B
| $56M | 0.23% |
+442,098
| New | +$55.8M |
2026 Q2
0 quarters
|
|
69
Ovintiv
OVV
$19.2B
| $54.8M | 0.22% |
1,041,316
+671,351
| +181% | +$38.3M |
2022 Q4
14 quarters
|
|
70
Halliburton
HAL
$27.9B
| $54M | 0.22% |
1,590,285
+1,561,587
| +5,441% | +$61M |
2025 Q3
3 quarters
|
|
|
71
Marvell Technology
MRVL
$205B
| $54M | 0.22% |
181,176
-1,767,771
| -91% | -$354M |
2022 Q2
16 quarters
|
|
72
AngloGold Ashanti
AU
$46.9B
| $53.8M | 0.22% |
665,558
+68,254
| +11% | +$6.48M |
2024 Q1
9 quarters
|
|
73
Truist Financial
TFC
$57.5B
| $53.7M | 0.22% |
1,078,721
+347,066
| +47% | +$17.1M |
2025 Q2
4 quarters
|
|
74
PPL Corp
PPL
$26.5B
| $53.4M | 0.22% |
1,468,865
+1,043,244
| +245% | +$38.5M |
2024 Q4
6 quarters
|
|
75
McKesson
MCK
$117B
| $53.2M | 0.22% |
70,358
+2,977
| +4% | +$2.36M |
2020 Q1
25 quarters
|
|
Similar funds
Ray Dalio's Q2 2026 Portfolio in Review
As of Q2 2026, Ray Dalio held 1,206 positions worth $24.4B, up 8.8% from $22.4B the previous quarter. Its ten largest holdings account for 40% of the portfolio.
Ray Dalio withdrew a net $3.05B in Q2 2026, closing 209 positions and reducing 379 holdings. Its most notable exit was Cisco, an estimated $63.8M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 31% of assets, up from 25% a quarter earlier, followed by Technology and Industrials.
Against the trend, Ray Dalio opened a new position in Eversource Energy worth $86.4M.
- Ray Dalio's largest Q2 2026 buy was Eversource Energy: 1,195,140 shares worth $86.4M.
- Ray Dalio added most to State Street SPDR S&P 500 ETF Trust in Q2 2026, an estimated $693M increase.
- Ray Dalio's biggest Q2 2026 reduction was Micron Technology, cutting an estimated $1.02B.
- Ray Dalio fully exited Cisco in Q2 2026, selling an estimated $63.8M.
- Ray Dalio's ten largest holdings make up 40% of its $24.4B portfolio in Q2 2026.
- Ray Dalio opened 213 new positions and closed 209 in Q2 2026.
- Ray Dalio's portfolio value rose 8.8% quarter-over-quarter to $24.4B.
Based on Bridgewater Associates's 13F filing for Q2 2026, filed 14 Aug 2026.